During current economic slowdown, more and more entities conducting business activity are experiencing difficulties with financial liquidity. Economic constraints, reduced demand and rising inflation are clear signs of the impending economic crisis. Many entrepreneurs are forced to make a difficult decision to liquidate the company.

Liquidation of the company as a long-term and requiring process
First of all, it should be noted that the liquidation of the company is a long-term process, lasting a minimum of 6 months. During this period, a number of required legal and accounting activities should be undertaken. We mean, among others, preparation of the opening and closing balance sheet, as well as the obligation to satisfy the creditors of the liquidated company itself. It should be known that detailed regulations regarding the liquidation of a company are set out in the Estonian Commercial Code.